Category: Business

DUBAI: Etihad Credit Insurance (ECI), the UAE’s Federal export credit company, participated in the Berne Union Spring Meeting held in Oslo, Norway, from 23rd to 25th April, which explored the ECAs’ role in a rapidly changing global trade landscape and in fostering international trade.

At the meeting, ECI highlighted the crucial role of strategic partnerships in mitigating risks and bolstering national economies.

In a panel discussion focused on the MENA region at the event, Raja Al Mazrouei, Chief Executive Officer of ECI, noted the MENA regional ECA’s role in supporting export growth through innovative tools and solutions and driving economic diversification in the region.

Al Mazrouei said, ‘The region has witnessed a surge in short-term trade credit, particularly beneficial for manufacturing, and a significant rise in medium and long-term project finance. ECAs in the region, including ECI, are constantly adapting to the evolving global landscape, tailoring our product portfolio and focusing on emerging s
ectors like renewable energy and sustainability.’

The discussions also addressed the challenges facing ECAs in the MENA region and how geopolitical and economic volatility necessitates vigilant risk monitoring and innovative mitigation strategies. Commenting on the topic, Al Mazrouei said, ‘The impact of geopolitical tensions on trade cannot be understated as economic protectionism grows in different regions. Addressing these challenges to enable UAE businesses to navigate them requires continuous monitoring of emerging risks and tailored risk mitigation solutions in order to provide protection to exporters. For example, robust risk assessment tools, partnerships with other countries and ECAs, and a strong reinsurance panel with ‘A’ or higher ratings have allowed ECI to underwrite risks of up to AED 500 million per single transaction.’

‘We are also leveraging big data and AI to provide real-time analytics and more responsive solutions for our clients,’ she added, expressing confidence in the MENA region’s p
otential for growth, citing the UAE’s non-oil foreign trade reaching a record high in 2023 valued at AED 3.5 trillion. Furthermore, ECI emphasised the importance of supporting SMEs, the backbone of the MENA economies.

Finally, highlighting the potential of collaboration in areas such as capacity building, risk sharing, knowledge exchange and business matchmaking, Al Mazrouei said, ‘We actively participate in reinsurance agreements, sharing risks with regional partners and fostering a more robust trade ecosystem. These strategic partnerships enable us to pool resources, expertise and strengths to increase trade confidence and enable UAE companies to succeed internationally. This collaborative approach is also fundamental to the UAE’s trade policies, driving economic prosperity.’

ECI also emphasised its commitment towards UAE’s sustainable development goals through renewable energy and sustainability financing initiatives, signified by the recently launched multi-sectoral partnership unlocking US$500 million
in credit insurance to catalyse private capital for Africa’s clean energy sector.

In a panel discussion focused on Climate Finance, Haitham Al Khazaleh, Director of Risk Management at ECI, said, ‘Building on the momentum of COP28, the most successful COP to date, ECI strives to efficiently contribute to and embrace sustainability. COP28 witnessed significant milestones, including establishing the largest private fund for mobilising US$85bn, entirely focused on sustainable projects. Furthermore, ECI is committed to driving sustainability through offering tailored products and expertise. Incentivising exports of sustainable goods and services and actively developing a pipeline of insurable sustainable development projects aligned with UN SDGs can be pivotal in driving green projects. For example, ECI works with lenders to secure financing for green projects that contribute to promoting responsible business practices.’

He added, ‘To ensure strong risk management, ECI incorporates a multi-faceted approach that
considers environmental, social, and economic factors. This includes classifying portfolios based on the UN SDGs, conducting comprehensive climate risk assessments, and integrating sustainability metrics like carbon footprint. ECI also actively engages with a wide range of stakeholders, including internal and external parties, to gain insights and perspectives on sustainability.’

Source: Emirates News Agency

DUBAI: Heriot-Watt University and Aurora50 today published a detailed analysis of the current state of women’s representation on the boards of publicly listed companies in the GCC.

The report, entitled the ‘GCC Board Gender Index Report’, represents the first time that a comprehensive data set has been published collating all data across the GCC. It seeks to form the baseline data from which future progress can be measured.

The data will be collected annually and published in April each year, enabling future researchers to identify trends, challenges, and opportunities for increasing gender diversity in the boardroom and celebrating the region’s collective progress towards more inclusive and diverse corporate leadership.

Key findings from this report show that in January 2024, of the 168 companies listed on the Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM), 137 out of 1,224 (11.2%) of board seats are held by women.

As of January 2024, women held 5.3% of the 5,584 board seats in 752
publicly listed companies across the GCC (UAE, Bahrain, Kuwait, Oman, Qatar, and Saudi Arabia).

The report explains that this is a modest improvement from the past but still falls significantly short of global averages and the levels of representation seen in other parts of the world.

Country-wise, the percentage of board positions held by women at publicly listed companies across the GCC is UAE: 11.2% (137 of 1,224 seats); Bahrain: 5.5% (20 of 363 seats); Kuwait: 5.0% (48 of 963 seats); Oman: 5.8% (45 of 783 seats); Qatar: 1.8% (8 of 440 seats); and Saudi Arabia: 2.0% (36 of 1,811 seats).

Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, co-founder of Aurora50, said, “Our first initiative at Aurora50 was Pathway20, an accelerator for regional women board directors, and we still believe that progress in gender diversity starts at the top.

“A diverse board helps create a diverse, inclusive organisation: diversity creates impact for the organisation, industry and society. With such transparent data now avai
lable, the need for a pipeline of female talent, from managers to senior leaders to board directors, becomes increasingly clear.

“We are pleased to see that the UAE is doing so well and hope that our report with Heriot-Watt University Dubai contributes to gender balance in the GCC as a whole.”

The CEO of the Securities and Commodities Authority Dr. Maryam Butti Al Suwaidi, said, “Collating such a large amount of data, from such a diverse group of companies, and cross-verifying it is a huge task and responsibility. I truly commend the dedication of Aurora50 and Heriot-Watt University, and I am exceptionally delighted that this project is coming out of the UAE.

The publication of the annual list of companies quoted on GCC exchanges and their directors is innovative and incredibly valuable. Consolidating this publicly available information into a single accessible resource will facilitate greater transparency and understanding of board composition within the region. Such consistent visibility will certainly c
ontribute to raising awareness about and promoting the benefits of gender diversity in the GCC region and increasing the participation of women in senior roles across the GCC.

Provost and Vice Principal of Heriot-Watt University Dubai Professor Dame Heather McGregor stated, “I am pleased to have, with Aurora50, developed a comprehensive baseline from which I and other scholars and interested parties can measure – and celebrate – future progress.”

Source: Emirates News Agency

ABU DHABI: Gross banks’ assets in the country surpassed the AED4.2 trillion mark by the end February 2024, for the first time in its history, according to the latest statistics from the Central Bank of the United Arab Emirates (CBUAE).

The bank in its monetary and banking developments for February 2024, reported an increase in total banking assets, including bank acceptance certificates, on an annual basis by about AED450.2 billion, with growth exceeding 12 percent compared to about AED3.748 trillion during February 2023.

The total banking assets rose on a monthly basis by 2.2 percent to AED4.198 trillion at the end of February 2024, compared to about AED4.109 trillion in January.

The gross credit grew by 0.9 percent from AED1.996 trillion at the end of January 2024 to AED2.014 trillion at the end of February 2024. The gross credit rose due to an increase in domestic credit by 1.1 percent, overshadowing a lessening of foreign credit by 0.6 percent. The domestic credit rose because of 5.5 percent, 0.2 perce
nt, 0.6 percent and 1.7 percent growth in credit to the government sector, the public sector (government related entities), the private sector and the non-banking financial institutions, respectively.

According to the CBUAE report, total bank deposits climbed by 2.7 percent, increasing from AED2.540 trillion at the end of January 2024 to AED2.608 trillion at the end of February 2024. The rise in total bank deposits was due to the growth in resident deposits by 2.5 percent and in non-resident deposits by 5.0 percent.

The resident deposits expanded owing to increases in public sector (government-related entities) deposits by 18.4 percent and in private sector deposits by 2.0 percent.

The monetary base expanded by 2.7 percent, from AED670.9 billion at the end of January 2024 to AED688.7 billion at the end of February 2024. The main driver of this increase in the monetary base was the rise in currency issued by 3.1 percent, in reserve account by 1.2 percent and monetary bills and Islamic certificates of deposi
t by 6.7 percent, overriding the reductions in banks and OFCs’ current accounts and overnight deposits of banks at CBUAE by 4.0 percent.

The Central Bank announced that the money supply aggregate M1 increased by 2.0 percent, from AED830.0 billion at the end of January 2024 to AED847.0 billion at the end of February 2024. This was due to AED3.3 billion rise in currency in circulation outside banks, combined with AED13.7 billion increase in monetary deposits.

The money supply aggregate M2 increased by 3.8 percent, from AED2.028 trillion at the end of January 2024 to AED2.105 trillion at the end of February 2024. M2 increased due to an elevated M1 and AED59.4 billion rise in quasi-monetary deposits.

The money supply aggregate M3 also increased by 2.3 percent, from AED2.478 trillion at the end of January 2024 to AED2.535 trillion at the end of February 2024. M3 increased mainly because of an augmented M2, overshadowing AED19.4 billion fall in government deposits.

Source: Emirates News Agency

DUBAI: Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, underscored that the UAE’s approach to climate action is underpinned by striking balance between economic development and environmental protection through leveraging low-carbon energy solutions.

The Minister made this statement at the “Green Molecules and Hydrogen” session as part of the World Economic Forum, being hosted by the Saudi capital city, Riyadh, under the theme “Global Collaboration, Growth, and Energy for Development”.

He said, “In 2023, the UAE unveiled its National Hydrogen Strategy 2050 to bolster low-carbon industries, advance climate neutrality, and position the nation as a leading hydrogen producer by 2031. The UAE targets to produce 1.4 million tons of low-emission hydrogen annually by 2031 and 15 million tons annually by 2050.”

Al Mazrouei set out key enablers in the green molecules business, including global collaboration, policy and regulation, financing and investment, R and D and advanced technology, and
sustainable commercial and economic models.

Moreover, the Minister participated in a session on the “Roadmap to Tripling Renewables”, where he outlined the key bottlenecks hindering rapid renewable deployment in emerging markets to be regulatory barriers, innovative financing, and digitalization and innovative solutions.

Reflecting on the UAE’s journey in deploying renewables, Al Mazrouei said, “The UAE’s approach to increasing the deployment of renewables is remarkable. Between 2019 and 2022, the UAE successfully doubled its renewables capacity, and by 2023, we witnessed a 70% growth in installed renewables capacity, which reached 6 GW.”

He added, “These achievements were made possible through the translation of our national net-zero goal into actionable policies. We are working in a bottom-up approach with the engagement of all segments of the community, private sector, academia, and youth.”

The Minister highlighted the importance of global partnership and collaboration to facilitate technology transfer
, investment, and financing from developed countries and international financial institutions, provide policy support, capacity-building programmes, and infrastructure development assistance, while promoting knowledge sharing among stakeholders and helping mitigate risks associated with renewable energy projects, enhancing investor confidence and accelerating the transition to sustainable energy systems in emerging markets.

He said, “The UAE is a major global investor in renewables. It allocated AED200 billion to investments in clean energy projects locally until 2030, having invested AED160 billion so far. Moreover, the UAE invested AED185 billion in renewables projects in over 40 countries. Our flagship renewables company, Masdar, has made substantial renewable energy investments across the world, with a total capacity of 20 GW installed or under development. By 2030, Masdar aims to grow its global renewables capacity to 100 GW.”

Source: Emirates News Agency

DUBAI: DP World is bolstering trade and logistics connectivity in Southeast Asia through a series of strategic investments that expand its presence and enhance supply chain management across the region.

Last week, Sultan Ahmed bin Sulayem, DP World Group Chairman and CEO, toured the region, signing a significant partnership agreement in Malaysia and opening two new facilities in the Philippines.

In its first venture in Malaysia, DP World signed an agreement with Sabah Ports – a wholly owned subsidiary of Malaysia’s publicly-listed Suria Capital Holding Bhd – to establish a partnership to manage Sapangar Bay Container Port in Sabah. The collaboration doubles the port’s handling capacity, transforming the state into a pivotal trade hub within the East ASEAN Growth Area.

In the Philippines, the chairman inaugurated a major upgrade at the Batangas Passenger Terminal, which has doubled capacity to 8 million passengers a year. Located 110 km from Manila, the terminal serves as the country’s largest inter-island
hub, enhancing connectivity between mainland Luzon and the surrounding island provinces. The modernisation initiative was officiated by Ferdinand R. Marcos Jr., President of the Republic of the Philippines.

He also opened the new Tanza Barge Terminal at Cavite, providing a direct sea link to Manila and making the transport of goods to and from the capital more seamless. The terminal is expected to handle up to 240,000 TEUs a year and save approximately 150,000 truck trips annually.

“The Asia Pacific region is a cornerstone of our global growth strategy. As the world’s largest and fastest-growing market for outsourced logistics, we see immense potential here. We are committed to driving regional growth through partnerships and investments that improve trade connectivity for local businesses and communities,” said Sultan Ahmed bin Sulayem.

DP World established Singapore as its Asia Pacific headquarters in 2021 and has been actively expanding its footprint across the region ever since. Today, it operates 19 p
orts and terminals in Australia, China, Indonesia, Malaysia, the Philippines, South Korea, Thailand and Vietnam.

‘We see significant potential in Southeast Asia as a growing hub for global trade, driven by strong economic growth and intra-regional trade. And investments in the region will continue as companies explore ways to build resilience into their supply chains through diversification,’ said the chairman.

“The opportunities for growth in APAC are vast and multifaceted. From the burgeoning logistics market in Greater China to the export-driven economies of Southeast Asia and the mature markets of North Asia, we are strategically enhancing our end-to-end capabilities across various sectors. Our goal is to create seamless and efficient trade and supply chains throughout the entire region,” he added.

Source: Emirates News Agency

DUBAI: Dubai is set to host the ACRES Real Estate Exhibition from 16th to 19th May at the Dubai World Trade Centre.

Launched in strategic partnership with the Sharjah Chamber of Commerce and Industry (SCCI) and Sharjah Real Estate Registration Department (SRERD) and sponsored by the Department of Land and Real Estate Regulation in Ajman, ACRES stands out as an exceptional event in the real estate landscape. It serves as an ideal platform supporting the development and investment endeavours of real estate companies within and beyond the UAE.

The exhibition provides property developers and investors with an opportunity to showcase and promote their projects not only domestically but also internationally. It aligns with the growth and revitalisation underway in Dubai and throughout the UAE, while also highlighting the supportive government policies and initiatives driving increased investment.

ACRES brings together key players and professionals from the real estate sector, including top-tier developers, inves
tors, brokers, project management firms, financial institutions, technology providers, building material suppliers, and contracting companies.

Saeed Ghanem Al Suwaidi, Chairman of the Organising Committee of ACRES Dubai, underscored the committee’s mission to showcase significant real estate opportunities in the UAE on a global stage, allowing investment and development firms to unveil their latest projects. He also highlighted the varied investment opportunities amidst the ongoing growth and success in the UAE’s real estate market.

Thanks to its strategic location, stable economy, advanced infrastructure, and investor-friendly environment, Dubai remains a premier destination for both local and international real estate investors.

Organised by Leader Events Management, the event aims to stimulate growth in the real estate sector and contribute to comprehensive and sustainable development in Dubai and the UAE.

ACRES Dubai aims to gain further momentum in the UAE’s real estate markets, which have witnessed
significant leaps, with real estate transactions totalling approximately AED765.1 billion nationwide by the end of 2023.

ACRES Dubai 2024 offers a robust programme of training sessions, workshops, seminars, and panel discussions, available free of charge in Arabic and English languages.

These sessions cover various topics, including the latest property developments, innovations, and cutting-edge real estate technologies that captivate visitors, professionals, and enthusiasts alike.

The exhibition will be open to visitors from 10 am to 8 pm daily, except on Friday, when it will welcome visitors from 3 pm to 9 pm.

Source: Emirates News Agency

Stock Exchange (Casablanca) – The Casablanca Stock Exchange ended Monday on a positive note, with its main index, the MASI, gaining 0.14% to reach 13,373.9 points.

The MASI.20, which comprises the 20 most liquid stocks, saw a slight increase of 0.03% to 1,081.1 points, while the MASI.ESG, representing companies with the highest ESG rating as published by Moody’s ESG Solutions, climbed by 0.14% to 968.98 points.

In contrast, the MASI Mid and Small Cap, which tracks the performance of small and medium-sized companies listed on the Casablanca Stock Exchange, experienced a slight decline of 0.03% to 1,224.26 points.

On the international front, the FTSE CSE Morocco 15 rose by 0.13% to 12,453.6 points, while the FTSE CSE Morocco All-Liquid fell by 0.12% to 11,147.95 points.

Source: Agence Marocaine De Presse

DUBAI: Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa, and South Asia (MEASA) region, is a trusted, global hub for many of the world’s wealthiest families and individuals. Home to more than 120 of the world’s wealthiest families and individuals, with a total net worth exceeding US$1 trillion, DIFC has helped position Dubai as the number one city in MEASA, and among the top 22 cities globally in terms of the wealthiest populations.

According to data published by the World’s Wealthiest Cities Report 2023, Dubai’s population includes over 68,500 HNWIs, or individuals with at least $1 million in liquid assets, 206 centi-millionaires, or those with a net worth of at least $100 million, and 15 billionaires.

DIFC’s status as the deepest financial centre between London and Singapore, with a workforce of over 41,500 and more than 5,500 active registered companies is underpinned by 20 years of consistent growth and a record-breaking year in 2023, which has
further encouraged wealth flows to the Centre and Dubai.

Industry leaders convene to celebrate Family Wealth Centre Anniversary

Last year, DIFC launched the first Family Wealth Centre of its kind in the world to advance and grow its thriving ecosystem for global family wealth, and support family businesses as they future proof their growth ambitions and succession plans in Dubai and beyond.

To mark the occasion and the tremendous progress made in just over 12 months, Abdullah bin Touq Al Marri, Minister of Economy; Essa Kazim, Governor, DIFC; and Arif Amiri, Chief Executive Officer of DIFC Authority, welcomed leading family businesses and advisors to mark the 1-year anniversary of the DIFC Family Wealth Centre at its inaugural ‘A Legacy of Excellence’ exclusive luncheon.

“The UAE has long been the primary and preferred destination for business and investment in the GCC and winder MENA region. Similarly, the UAE aims to become the regional centre for family businesses,’ said Al Marri in his keynote remarks
addressing DIFC’s growing community of family businesses and related entities.

“Dubai stands as a pivotal hub for family wealth, offering unparalleled opportunities and resources for growth and preservation. In just one year, the DIFC Family Wealth Centre has played a crucial role in nurturing this ecosystem. Recognising Dubai’s significance as a global centre for family wealth, the Centre’s swift impact underscores its commitment to fostering prosperity and security for generations to come,’ Minister Al Marri added.

Essa Kazim, Governor, DIFC, said, ‘Dubai and DIFC have rapidly positioned themselves as the premier destination for family businesses worldwide. The exponential growth and expertise witnessed within the Centre, underscores its pivotal role in shaping the landscape of family wealth.

Today we mark another significant milestone, in the DIFC Family Wealth Centre’s first anniversary, as we also reflect on DIFC’s innovative 20-year journey that has led us here. We remain dedicated to providing best-
in-class resources to our esteemed members, nurturing enduring legacies and empowering families for generations to come, as we together shape the future of finance’.

Top choice for regional and international family businesses

During his welcome address, Arif Amiri, Chief Executive Officer of DIFC Authority, said, ‘DIFC’s rise as a global hub for family wealth stems from its commitment to fostering a growth ecosystem for the wider financial sector. With a strong pursuit of transparency, regulation, and knowledge-building, DIFC has earned the trust of 230 banks, including 27 of the top 29 globally systemic banks, and more than 350 highly reputable wealth and asset management firms. This momentum is further fuelled by an influx of family businesses and related entities drawn to DIFC’s lifestyle offerings and its world-class DIFC Family Wealth Centre, which is built for innovation, succession planning, and future prosperity.’

With more than 440 registered foundations and over 600 active entities affiliated wit
h top family businesses and individuals, DIFC has seen a surge in interest for family wealth management. Primarily driven by interest for prescribed companies, or private companies which can be established by a qualifying applicant or for a qualifying purpose, the Centre’s commitment towards regulatory transparency and family confidentiality supported an 81 percent surge in single family offices, followed by a 12 percent increase in holding companies, year-on-year in 2023.

To further support this growth DIFC also announced its new comprehensive guide ‘Prosperity Across Generations: Unlocking the Power of DIFC for Families’ to empower families with access to knowledge and expertise on structures, governance, wealth management, succession and estate planning in Dubai and DIFC.

Innovative and future-forward jurisdiction

Aligned with the UAE’s vision to help family businesses maximise their contribution to the economy, the DIFC Family Arrangements Regulations were introduced on 31st January 2023 to replace or
repeal the Single Family Office (SFO) Regulations. Benefits under the new regulations include a private registry option, which provides families and their Ultimate Beneficial Ownership’s (UBOs) with the highest levels of privacy and confidentiality. The same regulations also provide certification for family businesses in DIFC to support benefits and incentives planned for family businesses in the UAE under UAE Family Business Law.

DIFC Family Wealth Centre – A global knowledge hub for family wealth

In addition to the revised regulatory framework for family businesses, the launch and development of DIFC Family Wealth Centre in 2023 has helped empower families preserve their wealth and legacies for the future, through best-in-class tailored solutions including asset allocation and portfolio management, governance, succession planning, Sharia compliance as an option, Will registration and philanthropy.

The Centre is further fortified by its work with the Innovation Hub, which supports next generation owners r
emain at the forefront of technological mechanisms and applications.

Benefitting from DIFC’s internationally recognised legal system, which is based on English common law and includes a variety of structures and regimes, family businesses also gain direct access to accredited advisors, networking opportunities, educational programmes, and a wide range of experiential events, all within the Centre’s diverse and cosmopolitan community, which includes some of the city’s top eateries, venues, cultural centres, and lifestyle destinations.

Recently, DIFC Family Wealth Centre and STEP Arabia signed an MoU to foster the common interests in relation to guiding family businesses on their journey to achieve multi-generational success, and to enhance the know-how of advisers to achieve that purpose.

As a societal mechanism for wealth distribution, the DIFC Family Wealth Centre is also a win for the local economy since family businesses are responsible for 60 percent of the UAE’s GDP, 80 percent of its workforce and 90
percent of its private companies.

Source: Emirates News Agency